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NEW YORK CITY-Lexington Realty Advisors, an affiliate of Lexington Corporate Properties Trust, located here, has signed an agreement to invest and manage $50 million of equity on behalf of a private investment fund. Depending on the leverage employed, acquisitions of up to $150 million may be made in single-tenant, net lease office, industrial and retail properties. Formed by LCP to provide services to institutional investors in the net-lease arena, this program is LRA’s first separate account.

Commenting on this undertaking, T. Wilson Eglin, president and COO of LCP, notes that the firm is “implementing a business plan to transform Lexington from a company viewed as having only a buy-and-hold strategy to one that is able to deliver superior returns to shareholders by actively managing its portfolio.”

Over the past 15 months the firm has developed an asset-management business expected to produce approximately $1 million in annual profits by the end of 2001. Including its recent joint venture with an institutional investor, LCP has $380 million to invest in net-lease properties over the next two years, which will bring its total assets owned or under management to $1.4 billion.

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